Sinead's Feed
Apr 22, 2015

Alliance Trust rejects call to review management of portfolio

LONDON, April 22 (Reuters) – Alliance Trust has no
plans to review the in-house management of its 3.6 billion
pounds ($5.4 billion) investment portfolio, it said on
Wednesday, rejecting a key demand of activist shareholder
Elliott Advisors.

Chairwoman Karin Forseke told Reuters in reply to written
questions that the board recognised its responsibility to
“challenge all elements” of the British investment company’s
business, and said it would reflect on feedback from
shareholders since the rebel investor launched its campaign to
revamp Alliance’s board on March 16.

Apr 19, 2015

Britain’s bank tax jump threatens to push HSBC, StanChart to new home

LONDON (Reuters) – HSBC and Standard Chartered are looking at the viability of quitting London for a new home in Asia because a big jump in a tax on UK banks makes staying in Britain increasingly painful.

Several investors told Reuters they want the two banks to do a thorough analysis on whether it makes sense to move after Britain raised the bank tax by a third last month.

Apr 19, 2015

Insight – Britain’s bank tax jump threatens to push HSBC, StanChart to new home

LONDON (Reuters) – HSBC and Standard Chartered are looking at the viability of quitting London for a new home in Asia because a big jump in a tax on UK banks makes staying in Britain increasingly painful.

Several investors told Reuters they want the two banks to do a thorough analysis on whether it makes sense to move after Britain raised the bank tax by a third last month.

Apr 14, 2015

Alliance Trust steps up search for independent non-exec

April 14 (Reuters) – Alliance Trust is speeding up the
search for a new independent non-executive director and will
consider any candidates put forward by shareholders, it said on
Tuesday, in a move that could head off a more radical board
shake-up proposed by a rebel investor.

Elliott Advisors, which has made a string of criticisms of
127-year-old British investment company, has called on it to
appoint three new independent directors, with shareholders due
to vote on its nominations on April 29.

Apr 8, 2015

Fees from Shell’s BG purchase could be among 10 biggest

LONDON, April 8 (Reuters) – Fees from Royal Dutch Shell’s
$70 billion takeover of British energy firm BG
could be among the top 10 most lucrative transactions on record,
according to estimates from Thomson Reuters and Freeman
Consulting.

Shell’s cash and share offer, recommended by the board of BG
on Wednesday, could earn its three financial advisers a combined
$182.6 million in fees, according to the estimates.

Apr 8, 2015

One $70 billion deal, just three advisers for Shell and BG

LONDON (Reuters) – Royal Dutch Shell’s $70 billion takeover of British energy firm BG stands out because only two investment banks and a boutique firm were selected for the advisory work.

This is in sharp contrast to many so-called mega-deals, which have historically involved at least two and sometimes three or four financial advisers to each party.

Mar 31, 2015

Elliott rejects Alliance defence document as row escalates

LONDON (Reuters) – Elliott Advisors, the rebel shareholder seeking a boardroom shake-up at Alliance Trust, rejected the trust’s defence of its performance, costs and dividend policy on Tuesday, and reiterated calls for the election of three new directors.

In the latest round of the war of words between one of Britain’s oldest investment companies and its largest investor, Elliott published a study of the trust’s shareholder circular, which it said failed “to engage on matters of substance and resorts to personal attacks.”

Mar 25, 2015

Top British fund executives face pay restraint as regulators circle

LONDON, March 25 (Reuters) – Some of Britain’s top money
managers are showing signs of pay restraint amid rising concern
the industry’s bank-style rewards could be a threat to financial
stability.

“Clawback” provisions to be applied to executive bonuses
from 2015 at three of London’s largest asset managers, Schroders
, Jupiter and Henderson, mean they can
recover rewards if evidence of misconduct is found.

Mar 20, 2015

Bank tax rise stokes pressure for Standard Chartered, HSBC to quit UK

LONDON (Reuters) – Asia-focused banks Standard Chartered (STAN.L: Quote, Profile, Research) and HSBC (HSBA.L: Quote, Profile, Research) could be tempted to abandon their London headquarters to avoid a jump in the UK bank tax set to cost them a combined $2 billion (1.36 billion pounds) a year, investors and analysts said.

Investors in both banks, but particularly Standard Chartered, have in the past encouraged their boards to consider leaving Britain, and this week’s jump in the UK bank levy is building pressure.

Mar 20, 2015

Bank tax rise stokes pressure for StanChart, HSBC to quit UK

LONDON, March 20 (Reuters) – Asia-focused banks Standard
Chartered and HSBC could be tempted to abandon
their London headquarters to avoid a jump in the UK bank tax set
to cost them a combined $2 billion a year, investors and
analysts said.

Investors in both banks, but particularly Standard
Chartered, have in the past encouraged their boards to consider
leaving Britain, and this week’s jump in the UK bank levy is
building pressure.